CFTC Veteran Dan Ullman Joins Orrick as Partner Amid Fintech Expansion
In a strategic hire bolstering its regulatory firepower, Orrick, Herrington & Sutcliffe LLP has welcomed Dan Ullman, a 16-year veteran of the Commodity Futures Trading Commission (CFTC), as a partner in its Washington, D.C.-based financial and fintech advisory group. The move, announced October 22, 2025, underscores Orrick’s aggressive push into the nexus of crypto, fintech, and gaming—sectors grappling with a whirlwind of enforcement actions and evolving rules under the incoming Trump administration.
Ullman, who most recently served as an associate director in the CFTC’s Division of Enforcement, steps into a role where he’ll counsel clients on navigating the Commodity Exchange Act, Dodd-Frank reforms, and CFTC licensing amid a surge in digital asset scrutiny. “CFTC expertise is more in demand now than it ever has been,” said Behnam Dayanim, a partner and co-head of Orrick’s financial and fintech advisory practice, in an interview. “Dan’s frontline experience will be invaluable as we help innovators explain their businesses to regulators and vice versa.”
Ullman’s Trailblazing Tenure at the CFTC
Ullman’s career at the CFTC, spanning 2010 to 2025, positioned him at the epicenter of derivatives regulation during a transformative era. As chief trial attorney and later associate director, he spearheaded high-stakes enforcement matters, from multimillion-dollar manipulations in commodity pools to novel probes into cryptocurrency trading platforms. Notable wins include leading the 2023 case against a major hedge fund for spoofing in natural gas futures, securing $25 million in penalties, and advising on the agency’s first-ever DeFi enforcement action in 2024, which fined a decentralized exchange $18 million for unregistered swaps.
His work extended beyond litigation: Ullman shaped policy on cross-border swaps reporting and uncleared margin rules, often bridging Wall Street with Washington. “Dan’s not just a litigator; he’s a regulator who understands the gray areas where innovation meets compliance,” Dayanim added. This blend of prosecutorial grit and advisory acumen makes him a natural fit for Orrick’s 700+ fintech clients, from startups like blockchain wallets to established players in payments and gaming.
Orrick’s Fintech Ascendancy: A Calculated Expansion
Orrick’s fintech practice, ranked Band 1 by Chambers FinTech, has ballooned since its 2022 merger with Buckley LLP, adding over 100 lawyers and cementing its status as a one-stop shop for regulatory, enforcement, and transactional needs. The firm now advises on everything from CFPB probes to SEC crypto classifications, with recent hires like former CFPB enforcer Melissa Baal Guidorizzi and litigator David McGill amplifying its bench.
Ullman’s arrival caps a banner year: Orrick notched Law360’s 2023 Fintech Practice Group of the Year nod and closed $2.5 billion in venture financings for fintechs like Stripe and Deel in 2025 alone. “We’re doubling down on D.C. to capture the regulatory arbitrage in crypto and gaming,” said Jessica Perry, co-head of Orrick’s global litigation practice. With the CFTC under new leadership post-2024 elections—rumors swirl of a deregulatory tilt—Ullman’s insider edge positions Orrick to guide clients through potential no-action letters and rule rollbacks.
Broader Implications for Fintech and Gaming
For U.S. innovators in these spaces, Ullman’s move signals a hiring trend: Ex-regulators are flocking to private practice amid CFTC layoffs (over 200 in Q1 2025) and policy flux. Economically, it bolsters Orrick’s $1.2 billion fintech revenue stream, potentially shaving compliance costs by 20-30% for clients via proactive CFTC dialogues. Lifestyle perks? Gaming firms like DraftKings (a key Orrick client) gain from Ullman’s swaps expertise, easing bets on esports derivatives amid state-level legalization waves.
Politically, it spotlights the revolving door: While ethics rules mandate cooling-off periods, Ullman’s clean slate (no direct client conflicts) avoids scrutiny. Technologically, his DeFi savvy could accelerate Orrick’s push into Web3 advisory, from NFT royalties to tokenized gaming assets.
As Orrick eyes further D.C. raids—perhaps a former SEC crypto chief next—this hire cements its fintech throne. For Ullman, it’s a homecoming: “After years enforcing the rules, I’m excited to help build within them.”
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